Wednesday February 2, 4:54 am Eastern Time
Baan says received no new Fletcher cash
AMSTERDAM, Feb 2 (Reuters) - Business software firm Baan Company (NasdaqNM:BAANF - news) said on Wednesday the rise in equity interest by Fletcher International was the result of it converting existing loans and did not represent a new injection of capital.
Baan has so far received $210 million in financing from U.S. private investment fund Fletcher International. Fletcher has the right to convert its loans into shares and has chosen to do so in phases from last autumn.
Its most recent share conversion was in mid-January, which pushed its stake in Baan to around 6.7 percent. Shareholders of Amsterdam-listed companies are required by law to notify the public when a stake surpasses five percent. Fletcher was required to do so on January 25, the Dutch securities watchdog STE said.
Baan has a further option to take $40 million from Fletcher by June 30, 2000, subject to certain conditions, such as its shareholders' equity being above $50 million.
Baan will report its figures, to include shareholders equity, on Thursday, although Baan said it was in no urgent need of this $40 million top-up.
``At this point, we're not in a position where we need to access this at all,' Chief Marketing Officer Katrina Roche told Reuters.
Fletcher itself has a further option to inject $175 million into Baan by December 31, 2001. |
